Dear investors, supporters, sparring partners,

“If I have seen further, it is by standing on the shoulders of giants.” - Sir Isaac Newton, Scientist

We kept our vision to make every average European consume one mycelium-based meal per week and actioned on our strategy change to create a platform for producing mycelium biomasses, from which b2b food can create vegan meat & fish products. Accordingly, we shared the following ambitious objectives in our Q2/24 update: (i) Keep team stable; (ii) Tasted meat products; (iii) Advanced mushroom farm retrofitting; (iv) Advanced pre-market traction; (v) Closing fundraising first tranche foreseeable.

TL;DR ⏱️

• Traction: After the EIT Food Accelerator, we are still in talks with 3 big food corporations to design a partnership with 1. B2B takes time. In parallel, we are advancing with two existing partners to co-develop meat products.
• RnD: We systematically broadened our solid state fermentation platform, built and tested various meat prototypes.
• Scaling: We continued retrofitting mushroom farms and came to a successful proof of concept with significant volumes and a cost assessment pointing to costs below 0.50 €/kg.
• Team: Stable with Bruno, me, 8 full-time employees and 2 interns.
• Marketing, PR, events: We came back strong from the summer break with the German Minister for Food and Agriculture, Cem Özdemir, visiting us, and are preparing to pitch as winner of EIT Food in October.
• Grants: We did not get the €2.5M EIC Accelerator grant out of budget restrictions. The chance was below 3%. But we repurposed the application and were granted €200k from the Spanish government (depending on capital inflow) and applied for EUREKA Eurostars (€300k).
• Budget: We are managing burn carefully. Through moving grant milestones, and winning the EIT Food Accelerator (€50k grant + €50k via CLA) we can run until incl. Jan 2025, potentially Feb.
• Fundraising: While strong followers are soft-committing, it is still hard to find a lead. We are working to a 1st close of €800k with CLAs, and are halfway there.

How to read: green = great 🥳 / gray = neutral👍 / yellow = not great 😶 / red = critical 🥵

HIGHLIGHTS 💪

1. Team 👪

1.1 Team stable ▶️

We kept team size stable and our setup between Berlin and Barcelona is smooth. To recap: